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Bitcoin [BTC/USD] Technical Analysis: Bulls to take over in the larger time frame

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Bitcoin [BTC/USD] Technical Analysis: Bulls to take over in the larger time frame
Source: Unsplash

Bitcoin [BTC] has been ranging above and below the $4,000 line for a few weeks now, after breaking a major support line at $6,500. The current market cap of Bitcoin is holding at $69.83 billion while the trading volume is at $5.17 billion. The 24-hour change in the price shows a decline of 3.51% for Bitcoin.

1-hour

Soure: Trading View

Source: Trading View

Bitcoin, in the one-hour chart, shows an uptrend that ranges from $3,676 to $3,940, while the downtrend ranges from $5,110 to $4,160. The prices have bounced off the support at $3,605 twice, but it is still holding strong. The resistance points of Bitcoin in the one-hour chart span from $4,345 to $4,750.

The Aroon indicator shows a faster rate of decline of the uptrend as compared to the downtrend. The downtrend, while still stronger than the uptrend, is still reaching an exhaustion.

The Chaikin Money Flow indicator is hanging just above the zero-line, which indicates that the buyers are in a tough fight with the sellers and are winning, even though it’s by a small amount.

The Relative Vigor Index shows a bearish divergence in the market as the prices are correlated directly with the RVGI indicator.

1-day

Soure: Trading View

Source: Trading View

The downtrend for Bitcoin extends from $9,900 to $4,105, with no uptrend in sight as the prices are dipping between the $3,900 to $4,200 range. Bitcoin prices are finding support at the $3,730 point, which was tested on November 25. The resistance points are seen ranging from $7,360, $8,390, and $9,800.

The Parabolic SAR markers are formed below the price candles, indicating a bullish support pushing the Bitcoin prices higher.

The MACD indicator shows a bullish crossover after dipping deep down. The histogram also shows signs of recovery as the green bars are spawning above the zero line.

The Awesome Oscillator shows a transition into green bars which indicates an increase in prices, but not enough for a rise in momentum or a bullish crossover.



Conclusion

The one-our chart shows a bearish outlook for Bitcoin’s prices. The one-day chart for Bitcoin looks surprisingly bullish as indicated by the Parabolic SAR, MACD and Awesome Oscillator.





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Akash is your usual Mechie with an unusual interest in cryptos and day trading, ergo, a full-time journalist at AMBCrypto. Holds XRP due to peer pressure but otherwise found day trading with what little capital that he owns.

Analysis

Tron [TRX] surges 7.50% in an hour after Justin Sun hints at ‘huge and amazing’ announcement in TRX, BTT ecosystem

Biraajmaan Tamuly

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Tron [TRX] surges 7.50% in an hour following a "Something huge" Justin Sun announcement
Source: Pixabay

Justin Sun’s Tron [TRX] has been one of the top performers in the recent price surge, which collectively improved the overall market cap of the virtual asset. At press time, Tron exhibited another major surge, as the one-hour chart experienced a rapid hike of 7.50%, according to Trading View.

Source: Trading View

According to CoinMarketCap, Tron was the eleventh largest cryptocurrency at press time with a market capitalization of $1.93 billion. The trade volume for the token was around $709 million and the coin was priced at $0.0289.

The token was traded the most on the Fatbtc exchange via the TRX/ETH pair, which accounted for 8.52 percent of the volume, equivalent to $63 million. BW.com exchange followed up in second place with a trade volume of 8.44 percent via the trade pair TRX/USDT.

Crypto enthusiasts attributed the current price surge to a statement made by Justin Sun on Twitter, where he hinted at a major announcement with regards to Tron and BitTorrent.



He stated,

Source: Twitter

The announcement gathered the attention of the crypto-community and the market responded to the announcement as capital started flowing into the token’s market. Jayden Crypto, a popular crypto-trader, also responded to the upcoming announcement and indicated that a major flash hike might be in the offing for Justin Sun-led cryptocurrency.





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